Are you ready to take control of your investments and dive into the world of stock trading, all from the convenience of your smartphone? The E*TRADE mobile app makes it incredibly accessible to buy and sell stocks, right from the palm of your hand. Whether you're a seasoned investor or just starting, this comprehensive guide will walk you through every step of the process. Let's get started!
Your Step-by-Step Guide to Buying Stock on the E*TRADE Mobile App
Step 1: Prepare Your E*TRADE Account and Fund It
Before you can make your first stock purchase, you'll need to ensure your E*TRADE account is set up and properly funded. This is the foundational step, so let's make sure it's solid!
1.1 Open an E*TRADE Account
If you don't already have one, your first task is to open an E*TRADE brokerage account. The app typically has an option to start the application process directly. You'll need to provide personal information, financial details, and select the type of account that suits your needs (e.g., individual brokerage account, IRA, etc.). The process is generally straightforward and can be completed online in about 10 minutes.
1.2 Fund Your Account
Once your account is open, you need to deposit money into it. Think of this as loading your investment wallet. E*TRADE offers several convenient ways to fund your account:
Electronic Funds Transfer (EFT): This is usually the easiest and most common method. You can link your bank account to your E*TRADE account and transfer funds electronically. This typically takes 1-3 business days.
Wire Transfer: For faster funding, especially for larger amounts, a wire transfer can often be completed on the same business day.
Check Deposit: You can deposit a check directly through the mobile app using their mobile check deposit feature, or by mailing it in. Mobile check deposits generally clear within 5 business days.
Account Transfer: If you have an existing brokerage account with another institution, you can transfer your entire account to E*TRADE. This process can take longer, usually 10 or more business days.
Pro-Tip: Ensure you have sufficient funds available for your desired stock purchase, including any potential fees. While E*TRADE offers $0 commission for online US-listed stock and ETF trades, other fees may apply for certain transactions.
Step 2: Navigate the E*TRADE Mobile App
Now that your account is ready and funded, it's time to get familiar with the E*TRADE mobile app interface.
2.1 Download and Log In
If you haven't already, download the "ETRADE: Invest. Trade. Save." app from your device's app store (Google Play Store for Android or Apple App Store for iOS). Once installed, log in using your ETRADE user ID and password. You might also set up biometric login (fingerprint or face ID) for quicker access.
2.2 Explore the Dashboard
Upon logging in, you'll land on your account dashboard. This typically provides an overview of your portfolio, including your account balance, positions, recent activity, and market summaries. Take a moment to familiarize yourself with the layout.
2.3 Access the Trading Section
Look for a clear navigation option, often labeled "Trade," "Quotes & Trade," or similar. This is your gateway to placing orders.
Step 3: Research and Select Your Stock
Before you hit "buy," thorough research is crucial. E*TRADE provides robust tools within its app to help you make informed decisions.
3.1 Search for a Stock
In the trading section or a dedicated search bar, you can type in the company name or its ticker symbol (e.g., "AAPL" for Apple, "GOOGL" for Alphabet).
3.2 View Stock Details and Research
Once you select a stock, you'll be taken to its detailed quote page. Here you'll find a wealth of information, including:
Real-time quotes: See the current bid and ask prices.
Charts: Analyze historical price performance with various timeframes.
News: Stay updated on company-specific and market news.
Fundamentals: Access key financial data, earnings reports, and analyst ratings.
Research Reports: E*TRADE often provides third-party research and its own insights.
Watchlists: You can add stocks to a watchlist to monitor their performance without committing to a trade.
Remember: Investing involves risk, and past performance is not indicative of future results. Make sure the stock aligns with your investment goals and risk tolerance.
Step 4: Place Your Stock Order
This is where you execute your buy order. The E*TRADE app simplifies this process.
4.1 Select "Trade" or "Buy"
From the stock's detail page, locate the "Trade" or "Buy" button. Tapping this will open the order entry screen.
4.2 Choose Your Account
If you have multiple E*TRADE accounts, select the account from which you want to purchase the stock.
4.3 Enter Order Details
This is the most critical part of placing your order. You'll need to specify:
Action: This will already be set to "Buy."
Symbol: The ticker symbol of the stock you're buying (e.g., AAPL).
Quantity: How many shares do you want to buy? Enter the number of shares.
Order Type: This is extremely important and determines how your order will be executed.
Market Order: This tells E*TRADE to buy the stock immediately at the best available price. While it guarantees execution, it does not guarantee a specific price. In fast-moving markets, the price you get might be slightly different from what you saw.
Limit Order: This allows you to set a maximum price you're willing to pay per share. Your order will only execute if the stock price reaches your specified limit price or lower. This offers price control but doesn't guarantee execution.
Stop Order (or Stop-Loss): Less common for buying, but a sell stop order helps limit losses by becoming a market order when a specific price is hit. For buying, a "buy stop" could be used to buy a stock once it rises to a certain price (e.g., to cover a short position).
Stop-Limit Order: A combination of a stop and limit order. It becomes a limit order once the stop price is hit, allowing you to control the price range.
Time in Force: This dictates how long your order remains active.
Day: Your order is active only for the current trading day. If it doesn't execute by market close, it's canceled.
Good 'Til Canceled (GTC): Your order remains active until it's executed or you manually cancel it (typically up to 60 days). This is useful for limit orders you're willing to wait for.
4.4 Review Your Order
Carefully review all the details on the order confirmation screen. Double-check the stock symbol, quantity, order type, price (for limit orders), and time in force. Make sure everything is exactly as you intend.
4.5 Place the Order
Once you're satisfied, confirm and place your order. You'll receive a confirmation message.
Step 5: Monitor Your Order and Portfolio
After placing your order, it's essential to keep an eye on its status and your overall portfolio.
5.1 Check Order Status
The E*TRADE app will have a section for "Orders" or "Activity" where you can see the status of your pending, filled, or canceled orders.
If your order was a market order, it will likely be filled almost instantly.
If it was a limit order, it will remain "pending" until your specified price is met.
5.2 View Your Portfolio
Once your order is filled, the purchased shares will appear in your E*TRADE portfolio. You can then track their performance, see your gains or losses, and access more detailed information about your holdings.
5.3 Set Up Alerts (Optional but Recommended)
E*TRADE allows you to set up custom alerts for your stocks. You can get notifications for price changes, news updates, or when your order is filled. This helps you stay informed without constantly checking the app.
Frequently Asked Questions (FAQs)
Here are 10 related "How to" questions with quick answers to further assist you in your E*TRADE mobile app stock buying journey:
How to open an E*TRADE account on the mobile app?
You can typically start the account opening process directly from the E*TRADE mobile app by selecting "Open an Account" or "Sign Up" and following the on-screen prompts for personal and financial information.
How to link a bank account to E*TRADE for funding?
Within the E*TRADE mobile app, navigate to the "Transfers" or "Funding" section, then select "Link External Account" or "Add Bank Account" and follow the instructions to securely connect your bank account.
How to deposit a check using the E*TRADE mobile app?
Go to the "Transfers" or "Funding" section, select "Check Deposit" or "Mobile Deposit," then follow the instructions to take photos of your endorsed check and submit it.
How to find a specific stock on the E*TRADE app?
Use the search bar, usually represented by a magnifying glass icon, and type in the company's name or its ticker symbol (e.g., TSLA, MSFT).
How to set a limit price when buying a stock on E*TRADE?
On the order entry screen, under "Order Type," select "Limit" and then enter your desired maximum purchase price per share in the "Limit Price" field.
How to choose between a Market Order and a Limit Order?
Use a Market Order if you want to buy the stock immediately at the current best available price and speed of execution is your priority. Use a Limit Order if you want to control the price you pay and are willing to wait for the stock to reach your desired price.
How to set a "Good 'Til Canceled" (GTC) order?
On the order entry screen, under "Time in Force," select "GTC" (Good 'Til Canceled). Your order will remain active for an extended period (up to 60 days) or until it's filled or manually canceled.
How to check the status of my stock order on E*TRADE?
Navigate to the "Orders," "Activity," or "Portfolio" section within the app, where you'll find a list of your pending, filled, and canceled orders.
How to view my portfolio performance on the E*TRADE app?
The main dashboard or a dedicated "Portfolio" section will display an overview of your holdings, including current value, daily gains/losses, and total returns.
How to set price alerts for a stock on E*TRADE?
On a stock's detailed quote page, look for an option to "Set Alert" or a bell icon. You can then configure notifications for specific price movements or news events related to that stock.
